Hancock Fabrics closing 30 stores

Baldwyn,Miss.– Craft and fabric retailer Hancock Fabrics said it will close 30 stores, representing approximately $18 million in annualized sales. A firm has been engaged to maximize recovery of lease commitments, and another company has been retained to run liquidation sales during the first quarter of 2007.

Hancock said on a four-week to four-week comparison, January same-store sales were down 4.0%. Comps dropped 4.9% for the fourth quarter, and fell 1.9% for all of 2006. Hancock Fabrics currently operates 403 stores in 40 states, and an online shop at www.hancockfabrics.com.